Rational camp always question the validity of behavioral arguements: first is arbitrage; and then learning. Here is something I felt kind of fun to read.
How Basic Are Behavioral Biases? Evidence from Capuchin Monkey Trading Behavior M. Keith Chen, Venkat Lakshminarayanan, and Laurie R. Santos
Behavioral economics has demonstratedsystematic decision-making biases inboth lab and fielddata. Do these biasesextend across contexts, cultures,or even species? Weinvestigate this question byintroducing fiat currency andtrade to a colonyof capuchin monkeys andrecovering their preferences overa range of goodsand gambles. We showthat capuchins react rationallyto both price andwealth shocks but displayseveral hallmark biases whenfaced with gambles, includingreference dependence and lossaversion. Given our capuchins'inexperience with money andtrade, these results suggestthat loss aversion extendsbeyond humans and maybe innate rather thanlearned.
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